In term of net sales, Indonesia's pharmaceutical company PT Kalbe Farma Tbk (KLBF) is larger than PT Tempo Scan Pacific Tbk (TSPC). But, in term of profitability, shown by operating margin, Tempo Scan has proven a better growth compared to its peers Kalbe Farma.
Tempo Scan enabled to post a 40.59% growth in operating profit in the first half this year (1H 2010) from Rp250.83 billion in 1H 2009 to Rp352.66 billion.
In result, the company's operating margin jumped from 11.73% in 1H 2009 to 14.02% in 1H 2010. Tempo Scan's earning surged 29.33% from Rp220.32 billion in 1H 2009 or Rp49 per share to Rp284.94 billion or Rp63 per share in 1H 2010. Net sales rose 17.29% from Rp2.14 trillion in 1H 2009 to Rp2.51 trillion in 1H 2010.
Kalbe Farma has proven a 43.55% jump in net profit during 1H 2010, a higher growth compared to Tempo Scan. Kalbe's earning was Rp572.34 billion in 1H 2010 from a year earlier of Rp378.71 billion.
But, Kalbe posted lower growth in operating profit compared Tempo Scan. During the first six months this year, Kalbe booked Rp838.21 billion of operating profit, a 20.02% increase from a year earlier of Rp698.39 billion. Operating margin slightly increased from 16.56% in 1H 2009 to 17.81% in 1H 2010.
Kabe's net sales elevated 11.61% from Rp4.22 trillion in 1H 2009 to Rp4.71 trillion in 1H 2010.
Disclosure: No position at the stocks mentioned above.
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